The buying and racing yearling game is a confirmed loser. Anyone paying more than about 200K for a yearling is making a bad investment with big dreams.

Magna is losing and Silver Charm has voiced his concern about the long term prognosis for some time.

Those playing at the high end are losing money, guys like Mattress Mac and Sanish Satan. Eugene Klein's operation was a reported money pit, despite his success with D.Wayne. Bob and Bev Lewis have had a couple lucrative syndication deals so they may in the Black. The Japanese owner of FuPig may be in the Black but if so that one Syndication got him there.

The breeders can make money. The Pinhookers are making money.